Question
The most recent financial statements for Cardinal, Incorporated, are shown here: Income Statement Balance Sheet Sales $ 23,100 Assets $ 122,000 Debt $ 37,600 Costs
The most recent financial statements for Cardinal, Incorporated, are shown here: Income Statement Balance Sheet Sales $ 23,100 Assets $ 122,000 Debt $ 37,600 Costs 16,700 Equity 84,400 Taxable income $ 6,400 Total $ 122,000 Total $ 122,000 Taxes (24%) 1,536 Net income $ 4,864 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,520 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,600. What is the external financing needed?
Multiple Choice $18,600 $21,123 $217,943 $19,862 $24,907
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